Tesla just released its Q3 2023 earnings report, and despite thinning profit margins thanks to price cuts and increases in operating expenses, revenue is still up nearly 9% year-over-year. The electric automaker again turned a profit, which makes that 16 quarters in a row in which Tesla has reported a profit. However, Tesla fell short of expectations in regard to both profit per share and revenue. The main financial details from the Q3 2023 report are as follows: $ 23.350 billion in revenue $ 0.
Those cuts have happened basically across the board, but have especially dropped prices on the Model 3 and Model Y as Tesla seeks a greater degree of sales volume. It's had a positive year on that front; a little less so in Q3. Deliveries dropped to 435,059 in Q3, down from 466,140 in Q2 – but still way up from 343,830 in Q3 2022. And at least some of that decline this quarter was due to factory downtime, which was expected.
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